SAO PAULO, March 16, 2017 /PRNewswire/ -- The continuous rise in the number of the elderly and patients of chronic disease in Brazil is highlighting the need for preventive healthcare solutions such as telemedicine and mobile health (mHealth). These two digital healthcare solutions make possible unprecedented levels of efficiency and quality of care, which, in turn, can lower the financial strain on the country's healthcare system. Additionally, they can optimize revenue streams, enhance the touch points for both patients and physicians, and deliver health at the consumers' fingertips.
"There is increasing interest in both professional and consumer-focused digital health solutions, although many of them need to pass the pilot phase and become marketable," said Frost & Sullivan Transformational Health Research Analyst Rafael Pellegrini. "Telemedicine and mHealth participants therefore need to generate customer-centric and scalable business models with proven return on investment (ROI)."
Mobile Health and Telemedicine Markets in Brazil, Forecast to 2020, recent analysis from Frost & Sullivan's Connected Health Growth Partnership Subscription program, finds that the mHealth market reached $531 million in 2016 and is expected to top $1.43 billion by 2020 at a significant compound annual growth rate (CAGR) of 26.3%, whereas the telemedicine market was valued at $522 million in 2016 and is predicted to reach $744 million by 2020 at a CAGR of 8.5%.
Other topics covered under the subscription include: healthcare data analytics, health insurance exchanges, hospital cybersecurity and population health management.
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Even though the benefits of telemedicine and mHealth are undisputable, the market is still nascent and plagued by consumer perceptions of low value. Furthermore, underdeveloped infrastructure, shortage of specialists in certain geographic areas, as well as privacy and security concerns inherent in digital solutions have not allowed the market to reach its potential.
"The telemedicine and mHealth markets are combating consumer reluctance by introducing a constant stream of services and upgrades of the current components and services," noted Pellegrini. "The participants that are most likely to succeed in the market are those that clearly demonstrate the ROI and measure performance and financial savings. This will go a long way in attracting business from B2B clients such as health insurance providers, government and pharma."
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Mobile Health and Telemedicine Markets in Brazil, Forecast to 2020
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